NZ: Job ads lifted 0.4% in February - ANZ

Sharon Zollner, Senior Economist at ANZ, notes that the New Zealand’s ANZ job ads lifted 0.4% in February (seasonally adjusted), unwinding their 0.4% dip in January. Job ads are 18.5% higher than a year ago (3-month average).

Key Quotes

“The ongoing high level of job ads flags very strong demand for labour, but growth has flattened off recently.”

“Auckland is the strongest of the main centres in annual growth terms but the number of job ads appears to have peaked in November last year (seasonally adjusted). Wellington job ads growth is slowing, while Canterbury job ads have been fairly flat for the last 18 months.”

“Our largest cities continue to be outpaced by the regions. Of the 11 less-urbanised regions only Taranaki (+18.7% y/y) is not recording annual job ad growth stronger than any of the main centres.”

“The construction, utilities, manufacturing and transport sector remains the largest sectoral driver of total job ads growth. Retail, tourism and recreation and services are also contributing strongly.”

“Despite an increase in the unemployment rate in Q4, the current strength of labour demand flags unemployment heading lower, with accompanying stronger wage growth.”